Press Release November 21, 2025 ADITYA TRANSLINK PRIVATE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	11.00	ACUITE BB- | Stable | Downgraded	-
Bank Loan Ratings	14.00	-	ACUITE A4 | Downgraded
Total Outstanding	25.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has downgraded its long-term rating to 'ACUITE BB-' (read as ACUITE Double B minus) from 'ACUITE BB' (read as ACUITE Double B) and short-term rating to 'ACUITE A4' (read as ACUITE A Four) from 'ACUITE A4+' (read as ACUITE A Four Plus) on the Rs.25.00 Cr. bank facilities of Aditya Translink Private Limited(ATPL). The outlook is ‘Stable’. Rationale for rating downgrade The rating downgrade is on account of subdued performance marked by substantial dip in revenue and operating profitability in FY25 which further resulted in deterioration in financial risk profile. The rating is further constrained by stretched liquidity; seasonal nature of operations & operating performance being susceptible to the demand-supply dynamics of raw jute. However, the rating derives comfort from the management’s long track record in jute industry.

About the Company

Aditya Translink Private Limited (ATPL) is Kolkata based company, incorporated in 1995. The company is engaged in manufacturing of jute yarn, jute fabrics, jute bags and various types of customised jute products. ATPL’s manufacturing unit is in Bhadreswar, West Bengal. Currently, the company is headed Mr. Sumant Poddar and Mr. Sunil Chand Osatwal.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of ATPL to arrive at this rating.

Key Rating Drivers

Strengths

­Experienced management and long track record of operations Incorporated in 1995, the company has long operational track record of operations of more than three decades in the jute industry. The promoters Mr. Pawan Kumar Agarwal, Mr. Sunil Chand Osatwal, Mr. Sumant Poddar and Ms. Ankita Bagaria have an experience of more than two decades in the business. The promoters of the company had taken control of a 100-yearold jute unit under the company ‘Shyamnagar Jute Mill Co. Limited’ which was owned by Mr. Thomas Duff. The long track record of operations and experience of management has helped the company develop healthy relationships with its customers and suppliers.

Weaknesses

­Volatile revenue & profitability The revenue of the company has substantially dip by ~22.89 percent and stood at Rs 219.75 Cr. in FY2025 as compared to Rs 284.99 Cr. in FY2024 on account of sluggish demand in jute industry in H1FY2025 due to elections which resulted in reduced floating of government orders, which is the main source of revenue for the company. The operating margin of the company has also substantially dipped and stood at 0.30 percent in FY2025 as compared to 4.86 percent in FY2024 on account of substantial dip in the operating income. Further it has reported negative PAT in FY2025 which stood at Rs.3.23 Cr. as compared to positive PAT margin of 3.25 percent (Rs 9.26 Cr.) in FY2024. Subsequently, company has achieved the revenue of Rs 144.43 Cr. till September 2025 which exhibits a moderate growth in FY26. Acuité believes that the sustainability in improvement of operations and profitability will continue to remain a key monitorable going forward. Below average financial risk profile While the networth stood negative in FY24 at Rs 7.15 Cr. majorly due to the unprovided liability of gratuity, the operational losses in FY25 further led to erosion of net worth. The coverage indicators also deteriorated in FY25 as reflected by interest coverage ratio (ICR) and debt service coverage ratio (DSCR) and stood at 0.63 times & 0.47 times respectively as on March 31,2025. Acuité believes that the improvement in financial risk profile of the company will going to be a key rating sensitivity over the medium term. Moderately intensive working capital operations The working capital operations of the company are moderately intensive in nature marked by increased gross current assets (GCA) days of 128 days as on March 31,2025 as compared to 75 days as on March 31,2024 owing to high inventory holding. Inventory holding period stood at 85 days as on March 31,2025 as compared to 57 days as on March 31, 2024 on account of high procurement of inventory vis-a-vis dip in production due to lower demand. The billing of the company gets cleared from within the 7 days from the date of invoice, but debtors’ days are reflecting on higher side as on March 31,2025 (34 days) on account of major sales carried out in Q4FY2025. Seasonal nature of operations; operating volumes susceptible to the demand-supply dynamics of raw jute Price of jute is highly volatile in nature and dependent on demand supply parameters due to seasonal availability of raw jute. Further, selling price is determined by the government/jute commissioner thus company doesn't have bargain power in selling pricing of product and accepts the price which is floated by them. Further, majority of orders are floated by government leading to significant dependence on govt orders.

Rating Sensitivities

­ Sustainable improvement in scale of operations and profitability Sustainable improvement in the financial risk profile Further deterioration in liquidity profile of the company Elongation in the working capital cycle

Liquidity Position

Stretched

­The company has incurred net cash loss of Rs.0.96 Cr. in FY2025 as against obligations of Rs.0.63 Cr. during the same period. The company has infused additional unsecured loans from group companies of Rs. 5.66 Cr. during the FY2025 for meeting their debt obligations and working capital requirement. The current ratio of the company remained low at 0.73 times as on March 31, 2025 due to elongated trade payables. The unencumbered cash and bank balances of the company stood at Rs.0.34 Cr. as on March 31, 2025. The fund-based limits remain utilized ~48.48 percent and non-fund-based limits remain utilized at ~21.61 percent over six month ended Oct 2025.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	219.75	284.99
PAT	Rs. Cr.	(3.23)	9.26
PAT Margin	(%)	(1.47)	3.25
Total Debt/Tangible Net Worth	Times	(1.78)	(1.90)
PBDIT/Interest	Times	0.63	5.93

Status of non-cooperation with previous CRA (if applicable)

­Not applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 23 Aug 2024 Bank Guarantee (BLR) Short Term 6.50 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 7.50 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 9.30 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 0.79 ACUITE BB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.91 ACUITE BB | Stable (Reaffirmed) 26 May 2023 Bank Guarantee (BLR) Short Term 6.50 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 7.50 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 9.30 ACUITE BB | Negative (Downgraded from ACUITE BB+ | Negative) Term Loan Long Term 0.79 ACUITE BB | Negative (Downgraded from ACUITE BB+ | Negative) Proposed Long Term Bank Facility Long Term 0.91 ACUITE BB | Negative (Downgraded from ACUITE BB+ | Negative) 14 Mar 2022 Bank Guarantee (BLR) Short Term 6.50 ACUITE A4+ (Downgraded from ACUITE A3) Letter of Credit Short Term 7.50 ACUITE A4+ (Downgraded from ACUITE A3) Cash Credit Long Term 9.30 ACUITE BB+ | Negative (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 0.79 ACUITE BB+ | Negative (Downgraded from ACUITE BBB- | Stable) Proposed Long Term Bank Facility Long Term 0.91 ACUITE BB+ | Negative (Downgraded from ACUITE BBB- | Stable)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating CENTRAL BANK OF INDIA Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.50 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) CENTRAL BANK OF INDIA Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.30 Simple ACUITE BB- | Stable | Downgraded ( from ACUITE BB ) CENTRAL BANK OF INDIA Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.50 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.91 Simple ACUITE BB- | Stable | Downgraded ( from ACUITE BB ) CENTRAL BANK OF INDIA Not avl. / Not appl. Term Loan 11 Jan 2022 Not avl. / Not appl. 11 Dec 2026 0.79 Simple ACUITE BB- | Stable | Downgraded ( from ACUITE BB )

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.